Battery Smart Raises $25 Million In Series A Funding The company will use the funds to expand to new territories, strengthen its battery assignment technology and build its team to continue scaling operations

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Company handout

Battery Smart, a battery swapping network for electric vehicles, has raised $25 million in Series A funding led by Tiger Global. The funding round also witnessed participation from Blume Ventures, Orios Ventures and other angel investors. As per company statement, in November 2021, it raised $7 million in pre-Series A round. The company will use the fund to expand to new territories, strengthen its battery assignment technology and build its team to continue scaling operations.

"We are thrilled to have Tiger Global be a part of our journey to build India's largest EV battery swapping network. With this investment, we are focused on bringing our offerings to even more EV users pan-India, by increasing the number of Swap stations and continuing to partner with OEMs and fleet operators. We are also looking to strengthen our technology for effective network planning and make key hires in our growing team," said Pulkit Khurana, co-founder, Battery Smart.

The company is targeting a $17 billion swapping market by 2025, aiming to have a swapping station at every one square km area. Till date, Battery Smart has more than 200 live Swap stations across 10 cities and has completed 2.5 million swaps, while powering 80 million emission-free kms, the company claimed in a statement.

"Battery Smart's tech-powered battery-swapping network offers an innovative solution to power India's rapid adoption of EVs for food delivery and e-commerce. We are excited to partner with Battery Smart team as they rapidly expand their footprint in key markets," said Connie Lee, partner, Tiger Global.

Operationalized in June 2020 by Pulkit Khurana and Siddharth Sikka, Battery Smart is building battery-swapping network for electric two and three-wheelers. It seeks to revolutionize the EV sector by making the adoption of electric mobility simple, economical and accessible through a unique partner-led model.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

News and Trends

TIEA Expands R&D, Manufacturing With INR 22 Cr From Jamwant, Valour, Others

Funds to support manufacturing expansion, R&D, and reduce reliance on imports

Business News

IBM Replaced Hundreds of HR Workers With AI, According to Its CEO

IBM CEO Arvind Krishna said the move led to more hiring in other areas.

News and Trends

IIFL Fintech Fund Exits Finarkein Analytics With Over 2X Return in 3 Years

Launched in 2021, IIFL Fintech Fund has invested in 14 fintech startups including Leegality, FinBox, DataSutram, Finvu, Trendlyne, and Vitra.AI.

News and Trends

JSW One Platforms Joins Unicorn Club with INR 340 Cr Raise to Power MSMEs

The company plans to build an integrated tech stack to enable a seamless procurement journey for over 500,000 construction and manufacturing MSMEs across India.

News and Trends

Curefoods Acquires National Rights for Krispy Kreme, Strengthens F&B Portfolio

As part of the acquisition, Curefoods will now oversee 11 Krispy Kreme stores in Delhi-NCR, expanding its footprint to over 100 locations nationwide.